The Anteotech Ltd (ASX: ADO) share price gained a whopping 43.18% today, closing the day trading at 32 cents.
AnteoTech is a surface chemistry company with intellectual property in its core technology product groups. These include AnteoCoat, AnteoBind and AnteoRelease. The company's customers operate in the life sciences, diagnostics, energy and medical devices markets.
With no recent company announcements, let's take a look at what could be driving the AnteoTech share price.
AnteoTech share price zooms after Ellume secures US contract
Earlier this month, AnteoTech announced that its client, Ellume, had signed a deal with the US Defence Department for emergency use authorisation of its COVID-19 at-home test.
Ellume integrates AnteoBind technology in its proprietary quantum dot diagnostics platform.
The Ellume COVID-19 home test, incorporating AnteoBind, is the first non-prescription over-the-counter self-test authorised by the US Food and Drug Administration (FDA) for emergency use.
AnteoBind is a key element of AnteoTech's own COVID-19 Antigen Rapid Test currently in development and several other assays marketed globally.
AnteoTech advised that it has worked closely with Ellume over recent months to ensure it could supply the required volumes of AnteoBind.
The company expects that Ellume's requirement for AnteoBind will increase modestly over coming months as supply to the US markets takes off.
Words from the CEO
Commenting on the Ellume agreement, AnteoTech CEO Derek Thomson said:
We are delighted to be involved with Ellume's success and we congratulate the company on their announcement.
Ellume was the original seed customer in AnteoTech's strategy to demonstrate the value that AnteoBind can bring to assay development and it is pleasing to see that strategy now delivering market recogition.
I commend the work of AnteoTech's Life Science team under the leadership of Charlie Huang for their continued work to make AnteoBind a key element in the development of diagnostic products in global markets.
The AnteoTech share price has exploded more than 648% higher over the previous 12-month period.
